shipping and ship finance

Shipping and ship finance

Finance & investment

Maritime

Energy Natural resources

Transport Real estate ICT

Corporate Finance Tax Dispute resolution

Employment Regulatory

London New York Paris Hamburg Munich Frankfurt

Milan Rome

Madrid Athens Singapore Bangkok Hong Kong

wfw.com

Contents

01 Our approach 02 Shipping 03 Our shipping finance practice 04 Other services for the shipping industry 05 Offshore 06 Shipping finance experience 07 Shipping corporate experience 08 Shipping litigation experience09 Offshore experience10 Recommendations11 Principal offices for our shipping practice12 Our offices

01 OUR APPROACH

Our approach

Watson, Farley & Williams is a leading international law firm with offices in major financial centres in Europe, Asia and the USA.

We have the skills to manage a wide range of corporate and finance transactions, and disputes, and to provide our clients with the high quality advice they require. We have teams which are integrated across legal disciplines and offices so that a consistent level of service can be provided on all matters, in each jurisdiction and in combination across borders. We continually invest in developing our expertise and reputation in the sectors we know best: Finance & Investment, Maritime, Energy, Natural Resources, Transport, Real Estate and ICT. We establish candid, open relationships with our clients and take the time to understand their businesses. We generally work in small, partner led teams where our sector knowledge and experience enable us to provide effective, commercially focused advice.

Watson, Farley & Williams Shipping and shipping finance

Contents

01 Our approach 02 Shipping 03 Our shipping finance practice 04 Other services for the shipping industry 05 Offshore 06 Shipping finance experience 07 Shipping corporate experience 08 Shipping litigation experience09 Offshore experience10 Recommendations11 Principal offices for our shipping practice12 Our offices

01 OUR APPROACH

Our approach

Watson, Farley & Williams is a leading international law firm with offices in major financial centres in Europe, Asia and the USA.

We have the skills to manage a wide range of corporate and finance transactions, and disputes, and to provide our clients with the high quality advice they require. We have teams which are integrated across legal disciplines and offices so that a consistent level of service can be provided on all matters, in each jurisdiction and in combination across borders. We continually invest in developing our expertise and reputation in the sectors we know best: Finance & Investment, Maritime, Energy, Natural Resources, Transport, Real Estate and ICT. We establish candid, open relationships with our clients and take the time to understand their businesses. We generally work in small, partner led teams where our sector knowledge and experience enable us to provide effective, commercially focused advice.

Shipping Our shipping finance practice

02 SHIPPING 03 OUR SHIPPING FINANCE PRACTICE

Watson, Farley & Williams has one of the largest dedicated shipping legal practices in the world. Our origins are in ship finance: it has been an integral part of the firm since we started business in 1982. We have an intimate knowledge of this area and have specialist lawyers across our network of international offices.

Our specialist shipping finance team includes 22 partners and over 45 other shipping finance lawyers providing incisive, commercially driven advice on every aspect of international shipping finance to clients across the world.

Apart from our large London team, we have a presence in all the major shipping centres and can offer integrated cross‑border advice including all aspects of ship finance, leasing, corporate and commercial contracts, tax and litigation. With clients ranging from owners and operators to the leading financial institutions and the ability to offer advice on English, French, German, Spanish, Italian, Greek, Russian, Thai, New York, Liberian and Marshall Islands law, no other practice can match our scope and range of services to this sector of the market.

We have always had a strong reputation for providing clients with innovative, cross border solutions in the shipping sector. We regard ourselves as providing a full service to the maritime sector rather than servicing any particular niche. Our practice goes beyond pure maritime transport and includes expertise in related sectors such as offshore oil and gas, LNG, ports and logistics and cruise and ferries.

This experience has given us access to – and contacts in – principal shipping markets in the Americas, Scandinavia and the Baltic, Greece, the Middle East, Russia and Asia. The last year has seen a dramatically different and unsettled climate in all areas of shipping and this has demonstrated the depth, experience and flexibility of our shipping team: we have been advising on new projects and many distressed situations. Our global coverage and extensive experience means clients benefit from first class support in complex, cross‑border transactions. These clients include more than 150 international banks and financial institutions, corporations, governments and governmental agencies who collectively dominate the world’s shipping markets.

We have in depth experience across our offices which includes newbuilding and second‑hand ship financing domestic and cross‑border finance leasing structured finance and securitisations operating leases and other off‑balance sheet financing syndication, securitisation and asset sales credit enhancement structures insurance policies, including credit wraps and asset protection ship sale and purchases newbuilding contracts vessel employment (charterparties, COAs, pools etc) taxation maritime legislation workouts.

Shipping Our shipping finance practice

02 SHIPPING 03 OUR SHIPPING FINANCE PRACTICE

Watson, Farley & Williams has one of the largest dedicated shipping legal practices in the world. Our origins are in ship finance: it has been an integral part of the firm since we started business in 1982. We have an intimate knowledge of this area and have specialist lawyers across our network of international offices.

Our specialist shipping finance team includes 22 partners and over 45 other shipping finance lawyers providing incisive, commercially driven advice on every aspect of international shipping finance to clients across the world.

Apart from our large London team, we have a presence in all the major shipping centres and can offer integrated cross‑border advice including all aspects of ship finance, leasing, corporate and commercial contracts, tax and litigation. With clients ranging from owners and operators to the leading financial institutions and the ability to offer advice on English, French, German, Spanish, Italian, Greek, Russian, Thai, New York, Liberian and Marshall Islands law, no other practice can match our scope and range of services to this sector of the market.

We have always had a strong reputation for providing clients with innovative, cross border solutions in the shipping sector. We regard ourselves as providing a full service to the maritime sector rather than servicing any particular niche. Our practice goes beyond pure maritime transport and includes expertise in related sectors such as offshore oil and gas, LNG, ports and logistics and cruise and ferries.

This experience has given us access to – and contacts in – principal shipping markets in the Americas, Scandinavia and the Baltic, Greece, the Middle East, Russia and Asia. The last year has seen a dramatically different and unsettled climate in all areas of shipping and this has demonstrated the depth, experience and flexibility of our shipping team: we have been advising on new projects and many distressed situations. Our global coverage and extensive experience means clients benefit from first class support in complex, cross‑border transactions. These clients include more than 150 international banks and financial institutions, corporations, governments and governmental agencies who collectively dominate the world’s shipping markets.

We have in depth experience across our offices which includes newbuilding and second‑hand ship financing domestic and cross‑border finance leasing structured finance and securitisations operating leases and other off‑balance sheet financing syndication, securitisation and asset sales credit enhancement structures insurance policies, including credit wraps and asset protection ship sale and purchases newbuilding contracts vessel employment (charterparties, COAs, pools etc) taxation maritime legislation workouts.

04 OTHER SERVICES FOR THE SHIPPING INDUSTRY 05 OFFSHORE

Other services for theshipping industry

Our tax practice We have tax specialists in the principal jurisdictions who are experienced in structuring and other issues which arise in the maritime sector and work closely with our corporate and finance lawyers. Our dispute resolution practice We have litigation specialists in London, New York, Hamburg, Singapore, Bangkok and Hong Kong whose experience is rooted in the maritime sector and are familiar with all the commercial and other issues which owners and investors face in the industry. We cover the full range of dispute resolution services, in court litigation, arbitration and mediation. We are experienced at handling cross border disputes and multijurisdictional matters and have managed arbitrations in all the principal international arbitration centres in the world.

Our corporate practice We have corporate and commercial lawyers in all our offices who have expertise in the maritime sector and are able to provide a wide range of legal support to shipowners and investors. We are able to advise on: mergers and acquisitions corporate finance securities transactions private equity joint ventures and strategic alliances intellectual property commercial contracts employment law competition and regulatory law.

Complementing the ship finance practice Watson, Farley & Williams is able to offer to its clients in the shipping industry other areas of expertise required to support their businesses. These encompass:

Our offshore practice Our shipping specialists are also experienced in advising in the offshore oil and gas sectors; this originates from activity in the North Sea and SE Asia but has included advising in projects and operations world wide including US Gulf, Brazil, West Africa and Australia. This means that we can provide, financial institutions, offshore operators and contractors with effective advice on everything, from corporate and equipment financing, contracts and tax planning, through to arbitration and litigation. We advise on: exploration and production project finance project finance acquisition and construction of off shore units offshore support and services.

Offshore

Our energy practice Our shipping and offshore practices have also led us to the broader energy sector. We have considerable experience in the LNG sector, from working with shipping clients in the transportation of LNG through to the development of regasification units and terminals. Power generation ‑ and in particular renewable energy ‑ has recently become a major sector for Watson, Farley & Williams. We have developed a specialism in advising on offshore wind projects and are currently involved in a number of such projects in NW Europe, particularly the UKand Germany. We have specialists in all our European offices (covering UK, Germany, France, Spain, Italy and Greece) and in Singapore who advise developers, investors and financiers on renewable energy projects.

04 OTHER SERVICES FOR THE SHIPPING INDUSTRY 05 OFFSHORE

Other services for theshipping industry

Our tax practice We have tax specialists in the principal jurisdictions who are experienced in structuring and other issues which arise in the maritime sector and work closely with our corporate and finance lawyers. Our dispute resolution practice We have litigation specialists in London, New York, Hamburg, Singapore, Bangkok and Hong Kong whose experience is rooted in the maritime sector and are familiar with all the commercial and other issues which owners and investors face in the industry. We cover the full range of dispute resolution services, in court litigation, arbitration and mediation. We are experienced at handling cross border disputes and multijurisdictional matters and have managed arbitrations in all the principal international arbitration centres in the world.

Our corporate practice We have corporate and commercial lawyers in all our offices who have expertise in the maritime sector and are able to provide a wide range of legal support to shipowners and investors. We are able to advise on: mergers and acquisitions corporate finance securities transactions private equity joint ventures and strategic alliances intellectual property commercial contracts employment law competition and regulatory law.

Complementing the ship finance practice Watson, Farley & Williams is able to offer to its clients in the shipping industry other areas of expertise required to support their businesses. These encompass:

Our offshore practice Our shipping specialists are also experienced in advising in the offshore oil and gas sectors; this originates from activity in the North Sea and SE Asia but has included advising in projects and operations world wide including US Gulf, Brazil, West Africa and Australia. This means that we can provide, financial institutions, offshore operators and contractors with effective advice on everything, from corporate and equipment financing, contracts and tax planning, through to arbitration and litigation. We advise on: exploration and production project finance project finance acquisition and construction of off shore units offshore support and services.

Offshore

Our energy practice Our shipping and offshore practices have also led us to the broader energy sector. We have considerable experience in the LNG sector, from working with shipping clients in the transportation of LNG through to the development of regasification units and terminals. Power generation ‑ and in particular renewable energy ‑ has recently become a major sector for Watson, Farley & Williams. We have developed a specialism in advising on offshore wind projects and are currently involved in a number of such projects in NW Europe, particularly the UKand Germany. We have specialists in all our European offices (covering UK, Germany, France, Spain, Italy and Greece) and in Singapore who advise developers, investors and financiers on renewable energy projects.

06 SHIPPING FINANCE EXPERIENCE 07 SHIPPING CORPORATE EXPERIENCE

Shipping finance experience Shipping corporate experience

HSH Nordbank

Advising restructuring lenders led by HSH Nordbank in connection with Tuft on Oceanic’s acquisition of a 50% interest in Allocean Charters, Singapore.

Teekay

Assisting Teekay in relation to several projects and their financing in the tanker, LNG and FPSO sectors, including the financing of the FPSO “Petrojarl Varg” and the project to convert mv “Artic Spirit” into an FLNG plant for Kitimat in Canada.

Export – Import Bank of China

Advising China Exim on a financing and time charter structure for VLCCs to be built in China for Clipper subsidiaries, financed by China Exim and time‑chartered to Sinochem.

Export‑Import Bank of Korea

Advising KEXIM in relation to a US$142m financing for two VLCCs to be built at STX Pan Ocean.

Standard Chartered Bank

Advising Standard Chartered Bank on a financing to Contender Marine, which was named “Best Shipping Debt Deal of the Year in Africa” by Jane’s Transport Finance Awards 2008.

Britannia Bulk

Acting for Nordea and Lloyds TSB as principal lenders in relation to the collapse and insolvency of Britannia Bulk in October 2008 and the disposal of its fleet.

Deal heading that goes over two lines

Nit nisci blamet ver iustrud elenibh eugiat. Tet aut ad digna adiamet alisit acipit ulput am dipit wis nit nulput wisl in ulla corem acidismod dui bla feugue dolorer ilipis im veniat hendrer aesseniat.

Brunei Gas Carriers

Acting for Brunei Gas Carriers on arranging a US$505m secured Islamic finance facility for two newbuild LNG vessels.

ING Bank N.V. (Amsterdam)

Advising ING Bank N.V. (Amsterdam) on a syndicated loan of US$500m provided by 11 banks to joint venture companies owned by Euronav NV of Belgium and Overseas Shipholding Group of Delaware.

Precious Shipping

Acting for Precious Shipping of Thailand in relation to a US$100m credit facility arranged by DnB NOR for the financing of second‑hand vessel acquisitions.

Citibank N.A.

Advising Citibank N.A. on the urgent structuring of a Participation Guarantee and corresponding indemnity arrangements in relation to the provision of a US$150m Participation Standby Facility to Tui AG and its associated company (Hapag Lloyd AG).

Citibank N.A.

Advising Citibank as arranger in connection with a US$850m pre and post delivery financing supported by Eksportfinans of Norway and KEIC of Korea for an ice‑class drillship for Stena.

Distressed Situations

Advising a number of Coordinating Committees organised by the lenders to certain major shipping groups in financial difficulties, including in the container ship sector.

NYK and Sovcomflot

Advising NYK and Sovcomflot on a joint venture for the construction, ownership and financing of two LNG vessels for the Sakhalin II project.

Allocean

Advising Allocean on the restructuring of its shipping portfolio, including the split of the portfolio between 3 Allocean Chartering companies and US$500m senior and US$60m junior debt financings.

José de Mello SGPS

Advising José de Mello SGPS on the US$415m sale of its shipping business, Soponata, to General Maritime Corporation.

Wallem

Advising Woodstreet Investments B.V. on its acquisition of the Wallem Group and related acquisition financing, shareholder and investment arrangements.

Condor Ferries

Advising the vendor on the £150+m management buyout (MBO) by existing management of the Commodore Group, backed by ABN AMRO Capital and senior debt funding provided by Royal Bank of Scotland.

Eastwind Group

Advising the Eastwind Group on its acquisition of Ocean Shipping Company of Georgia for around US$150m including debt (one of the largest Georgian privatisations to date).

Far Eastern Shipping Company Plc.

Advising Far Eastern Shipping Company Plc. in connection with its acquisition of a 70% stake in ESF Euroservices, which operates three container line feeder services between north continental Europe and the Baltic Sea.

Advising Aban of India on its acquisition of a 39.5% shareholding in Sinvest AS a quoted Norwegian drilling rig owner with five rigs under construction in Singapore and thereafter its offer for all existing shares.

Tallink

Advising a syndicate of banks on the financing of the acquisition by Tallink in Estonia of Sea Containers’ Finnish ferry business Silja Line.

MPC Capital

Acting in relation to an equity investment in a project in Brazil for construction of a semi submersible drilling unit and long term chartering of the unit to Petrobas at a total project cost of about US$600m.

K‑Line

Advising K‑Line on a joint venture to supply LNG vessels in connection with the Indonesian Tangguh project.

Shipping Corporation of India

Advising SCI in relation to its joint venture for LNG projects in India with Mitsui OSK, NYK and K Line and the financing of their newbuilding vessels.

06 SHIPPING FINANCE EXPERIENCE 07 SHIPPING CORPORATE EXPERIENCE

Shipping finance experience Shipping corporate experience

HSH Nordbank

Advising restructuring lenders led by HSH Nordbank in connection with Tuft on Oceanic’s acquisition of a 50% interest in Allocean Charters, Singapore.

Teekay

Assisting Teekay in relation to several projects and their financing in the tanker, LNG and FPSO sectors, including the financing of the FPSO “Petrojarl Varg” and the project to convert mv “Artic Spirit” into an FLNG plant for Kitimat in Canada.

Export – Import Bank of China

Advising China Exim on a financing and time charter structure for VLCCs to be built in China for Clipper subsidiaries, financed by China Exim and time‑chartered to Sinochem.

Export‑Import Bank of Korea

Advising KEXIM in relation to a US$142m financing for two VLCCs to be built at STX Pan Ocean.

Standard Chartered Bank

Advising Standard Chartered Bank on a financing to Contender Marine, which was named “Best Shipping Debt Deal of the Year in Africa” by Jane’s Transport Finance Awards 2008.

Britannia Bulk

Acting for Nordea and Lloyds TSB as principal lenders in relation to the collapse and insolvency of Britannia Bulk in October 2008 and the disposal of its fleet.

Deal heading that goes over two lines

Nit nisci blamet ver iustrud elenibh eugiat. Tet aut ad digna adiamet alisit acipit ulput am dipit wis nit nulput wisl in ulla corem acidismod dui bla feugue dolorer ilipis im veniat hendrer aesseniat.

Brunei Gas Carriers

Acting for Brunei Gas Carriers on arranging a US$505m secured Islamic finance facility for two newbuild LNG vessels.

ING Bank N.V. (Amsterdam)

Advising ING Bank N.V. (Amsterdam) on a syndicated loan of US$500m provided by 11 banks to joint venture companies owned by Euronav NV of Belgium and Overseas Shipholding Group of Delaware.

Precious Shipping

Acting for Precious Shipping of Thailand in relation to a US$100m credit facility arranged by DnB NOR for the financing of second‑hand vessel acquisitions.

Citibank N.A.

Advising Citibank N.A. on the urgent structuring of a Participation Guarantee and corresponding indemnity arrangements in relation to the provision of a US$150m Participation Standby Facility to Tui AG and its associated company (Hapag Lloyd AG).

Citibank N.A.

Advising Citibank as arranger in connection with a US$850m pre and post delivery financing supported by Eksportfinans of Norway and KEIC of Korea for an ice‑class drillship for Stena.

Distressed Situations

Advising a number of Coordinating Committees organised by the lenders to certain major shipping groups in financial difficulties, including in the container ship sector.

NYK and Sovcomflot

Advising NYK and Sovcomflot on a joint venture for the construction, ownership and financing of two LNG vessels for the Sakhalin II project.

Allocean

Advising Allocean on the restructuring of its shipping portfolio, including the split of the portfolio between 3 Allocean Chartering companies and US$500m senior and US$60m junior debt financings.

José de Mello SGPS

Advising José de Mello SGPS on the US$415m sale of its shipping business, Soponata, to General Maritime Corporation.

Wallem

Advising Woodstreet Investments B.V. on its acquisition of the Wallem Group and related acquisition financing, shareholder and investment arrangements.

Condor Ferries

Advising the vendor on the £150+m management buyout (MBO) by existing management of the Commodore Group, backed by ABN AMRO Capital and senior debt funding provided by Royal Bank of Scotland.

Eastwind Group

Advising the Eastwind Group on its acquisition of Ocean Shipping Company of Georgia for around US$150m including debt (one of the largest Georgian privatisations to date).

Far Eastern Shipping Company Plc.

Advising Far Eastern Shipping Company Plc. in connection with its acquisition of a 70% stake in ESF Euroservices, which operates three container line feeder services between north continental Europe and the Baltic Sea.

Advising Aban of India on its acquisition of a 39.5% shareholding in Sinvest AS a quoted Norwegian drilling rig owner with five rigs under construction in Singapore and thereafter its offer for all existing shares.

Tallink

Advising a syndicate of banks on the financing of the acquisition by Tallink in Estonia of Sea Containers’ Finnish ferry business Silja Line.

MPC Capital

Acting in relation to an equity investment in a project in Brazil for construction of a semi submersible drilling unit and long term chartering of the unit to Petrobas at a total project cost of about US$600m.

K‑Line

Advising K‑Line on a joint venture to supply LNG vessels in connection with the Indonesian Tangguh project.

Shipping Corporation of India

Advising SCI in relation to its joint venture for LNG projects in India with Mitsui OSK, NYK and K Line and the financing of their newbuilding vessels.

08 SHIPPING LITIGATION EXPERIENCE 09 OFFSHORE EXPERIENCE

Shipping litigation experience Offshore experience

Far Eastern Shipping Company (FESCO)

Acting in relation to delayed delivery and technical dispute with Aker Finnyards plc regarding an ice breaking support vessel.

Oceanlink offshore Limited

Advising in relation to a dispute with its former managers. Areas at issue concern termination fees, charterparty commission and balance of management accounts possibly involving issues of breach of fiduciary duty/fraud.

Bina Usaha Maritim Indonesia

Acting for shipowners in connection with liabilities/obligations/claims arising out of a cargo fire which broke out in a cargo of Copra Expeller during a voyage from Indonesia to India.

Pan Shipping

Advising in relation to a charterparty redelivery dispute including off hire.

PT Pelayaran Meratus

Advising shipowners in relation to issues/claims arising out of a rudder failure during a loaded voyage leading to declaration of GA.

Parbulk AS

Acting for Parbulk AS against Kristen Marine SA in a substantial ship sale and purchase dispute relating to a disputed cancellation by Parbulk of 4 bulk carriers valued in excess of US$200m and involving substantial claims by our clients for its losses.

Thoresen Thai Agencies Public Company Limited

Advising one of the largest shipowners in Thailand in connection with the early termination of two long term contracts of affreightment worth in excess of US$50m.

Advising in relation to contracts for the construction of a series of container ships in Poland.

MPC Münchmeyer Petersen Marine GmbH

Acting in a dispute for a German KG fund (as buyer) in respect of the construction and purchase of 4 bulk carriers being built by a Vietnamese shipyard.

Ask Re Limited

Advising in relation to claims made for the wrongful repudiation of a commodities contract and related claims for demurrage.

Wallem Commercial Services Ltd

Advising owners in a dispute arising from a frustrated ship sale and purchase agreement for the sale of liquefied gas carriers operating in the Middle East.

OMI Corp.

Acting in London arbitration against Athenian Sea Carriers relating to a disputed purchase of the oil tanker “Captain Kyriakou”, part of a fleet purchase of in excess of US$2.4bn.

Golar LNG

Advising Golar LNG in the negotiations with Petrobras of the terms of the long‑term time charterparties and operating and service agreements in respect of 2 LNG floating storage and regasification vessels for Petrobras’ project for delivery of regasified LNG.

Iran Marine Industrial Company

Acting for Iran Marine Industrial Company in a US$120m dispute regarding delayed delivery of two offshore gas platforms under construction contract resulting in an ICC arbitration against Eni BV.

Star Capital

Advising Star Capital on its prospective acquisition of a portfolio of offshore logistics vessels for use in connection with the offshore wind sector.

CIC Credit Industriel et Commercial

Advising CIC in relation to an export credit facility provided by Eksportfinans (of Norway), guaranteed by GIEK and a supporting commercial bank facility to finance an offshore support vessel constructed in Norway.

Oil & Gas Company

Advising on the operation of an FLNG unit in Australia and Indonesia in the areas of import/export, ownership structures, tax issues, registration/deregistration of the FLNG, compliance with relevant jurisdiction and international conventions.

International Oil & Gas Services Company

Acting for our client in the raising of additional finance of a mobile offshore production project via a private equity financing under a leasing structure involving a Sharia‑compliant head lease and sub‑lease.

Oil company

Advising on the placement, employment and operation of an FLNG unit. Including import/export, ownership structures, tax issues, registration/deregistration, compliance with laws of the relevant jurisdiction and international convention compliance.

Höegh LNG

Advising Höegh LNG on regasification projects offshore UK utilising onboard regasification into purpose built infrastructure for both delivery of natural gas to shore and, possibly, offshore gas storage.

MPC Capital

Acting for MPC Capital in relation to a US$600m equity investment in a project for the construction by SBM of a semi submersible drilling unit and long term chartering of the unit to Petrobas for employment offshore Brazil.

Excelerate Energy

Advising Excelerate Energy on the commercial and construction agreements for a unique gas import project into the port at Teesside, UK. The world’s first project enabled on board, in port regasified LNG to be delivered straight into the NTS.

Sevan Drilling Pte Ltd

Advising Sevan Drilling Pte Ltd on the US$400m financing of Sevan Marine’s deepwater drilling rig, from mandated lead arrangers.

ING Bank N.V.

Advising on a syndicated loan of US$500m provided by 11 banks to joint venture companies owned by Euronav NV and Overseas Shipholding Group, Inc. This facility will finance the acquisition, conversion and operation of two floating storage offloading vessels.

08 SHIPPING LITIGATION EXPERIENCE 09 OFFSHORE EXPERIENCE

Shipping litigation experience Offshore experience

Acting in relation to delayed delivery and technical dispute with Aker Finnyards plc regarding an ice breaking support vessel.

Oceanlink offshore Limited

Advising in relation to a dispute with its former managers. Areas at issue concern termination fees, charterparty commission and balance of management accounts possibly involving issues of breach of fiduciary duty/fraud.

Bina Usaha Maritim Indonesia

Acting for shipowners in connection with liabilities/obligations/claims arising out of a cargo fire which broke out in a cargo of Copra Expeller during a voyage from Indonesia to India.

Pan Shipping

Advising in relation to a charterparty redelivery dispute including off hire.

PT Pelayaran Meratus

Advising shipowners in relation to issues/claims arising out of a rudder failure during a loaded voyage leading to declaration of GA.

Parbulk AS

Acting for Parbulk AS against Kristen Marine SA in a substantial ship sale and purchase dispute relating to a disputed cancellation by Parbulk of 4 bulk carriers valued in excess of US$200m and involving substantial claims by our clients for its losses.

Thoresen Thai Agencies Public Company Limited

Advising one of the largest shipowners in Thailand in connection with the early termination of two long term contracts of affreightment worth in excess of US$50m.

Advising in relation to contracts for the construction of a series of container ships in Poland.

MPC Münchmeyer Petersen Marine GmbH

Acting in a dispute for a German KG fund (as buyer) in respect of the construction and purchase of 4 bulk carriers being built by a Vietnamese shipyard.

Ask Re Limited

Advising in relation to claims made for the wrongful repudiation of a commodities contract and related claims for demurrage.

Wallem Commercial Services Ltd

Advising owners in a dispute arising from a frustrated ship sale and purchase agreement for the sale of liquefied gas carriers operating in the Middle East.

OMI Corp.

Acting in London arbitration against Athenian Sea Carriers relating to a disputed purchase of the oil tanker “Captain Kyriakou”, part of a fleet purchase of in excess of US$2.4bn.

Golar LNG

Advising Golar LNG in the negotiations with Petrobras of the terms of the long‑term time charterparties and operating and service agreements in respect of 2 LNG floating storage and regasification vessels for Petrobras’ project for delivery of regasified LNG.

Iran Marine Industrial Company

Acting for Iran Marine Industrial Company in a US$120m dispute regarding delayed delivery of two offshore gas platforms under construction contract resulting in an ICC arbitration against Eni BV.

Star Capital

Advising Star Capital on its prospective acquisition of a portfolio of offshore logistics vessels for use in connection with the offshore wind sector.

CIC Credit Industriel et Commercial

Advising CIC in relation to an export credit facility provided by Eksportfinans (of Norway), guaranteed by GIEK and a supporting commercial bank facility to finance an offshore support vessel constructed in Norway.

Oil & Gas Company

Advising on the operation of an FLNG unit in Australia and Indonesia in the areas of import/export, ownership structures, tax issues, registration/deregistration of the FLNG, compliance with relevant jurisdiction and international conventions.

International Oil & Gas Services Company

Acting for our client in the raising of additional finance of a mobile offshore production project via a private equity financing under a leasing structure involving a Sharia‑compliant head lease and sub‑lease.

Oil company

Advising on the placement, employment and operation of an FLNG unit. Including import/export, ownership structures, tax issues, registration/deregistration, compliance with laws of the relevant jurisdiction and international convention compliance.

Höegh LNG

Advising Höegh LNG on regasification projects offshore UK utilising onboard regasification into purpose built infrastructure for both delivery of natural gas to shore and, possibly, offshore gas storage.

MPC Capital

Acting for MPC Capital in relation to a US$600m equity investment in a project for the construction by SBM of a semi submersible drilling unit and long term chartering of the unit to Petrobas for employment offshore Brazil.

Excelerate Energy

Advising Excelerate Energy on the commercial and construction agreements for a unique gas import project into the port at Teesside, UK. The world’s first project enabled on board, in port regasified LNG to be delivered straight into the NTS.

Sevan Drilling Pte Ltd

Advising Sevan Drilling Pte Ltd on the US$400m financing of Sevan Marine’s deepwater drilling rig, from mandated lead arrangers.

ING Bank N.V.

Advising on a syndicated loan of US$500m provided by 11 banks to joint venture companies owned by Euronav NV and Overseas Shipholding Group, Inc. This facility will finance the acquisition, conversion and operation of two floating storage offloading vessels.

10 RECOMMENDATIONS 11 PRINCIPAL OFFICES FOR OUR SHIPPING PRACTICE

Recommendations

Chambers Europe, 2010

ʺ...combines strength in all aspects of asset financing with an indepth knowledge of the marine industry.ʺ

Lloydʹs List ‑ 24th March, 2010

ʺ....a law firm with a pedigree in the shipping industry, and it is a pedigree that has stood it in good stead in todays turbulent market.ʺ

Legal 500 UK, 2008

ʺA ship finance giant, WFW outstrips the majority of the competition and is instructed by a stellar portfolio of leading banks and owners.ʺ

“[WFW] is recognised for its ship finance prowess, and its cross‑practice group is recommended for its ‘commerciality, sector knowledge and support’.Legal 500 Asia Pacific, 2012

Chambers Directory UK, 2010

ʺA big name in marine work, Watson, Farley & Williams has an energy and natural resources practice spanning renewables, oil and gas, and mining.ʺ

Legal 500 UK, 2010

ʺA standout firm on the ship finance side.ʺ

Chambers UK, 2011

ʺThe shipping finance practice ... is indisputably top‑tier.ʺ

Legal 500 Directory UK, 2009

ʺ… recommended for shipping disputes... claims between owners and shipyards, and between different owners and charterers.ʺ

ʺ‘highly talented, diligent and hardworking’ ship finance practice.ʺLegal 500 Asia Pacific, 2012

The group wins praise for its “fantastic level of understanding of the global shipping industry.”

Chambers Global, 2011

This firm is widely recognised as a preeminent player in shipping finance.ʺ

ʺThe firm has a personal approach and in‑depth knowledge of the owners and operators in the market.ʺ

ʺ... head and shoulders above the rest of the market” and “offering a winning combination of specialist knowledge, experience and depth.ʺ

ʺA heavyweight in shipping finance, this firm is highly sought after by banks, borrowers and lessees.ʺ

Principal offices for our shipping practice

London Our first and “head” office, which has half the firm’s fee earners, with shipping finance, corporate, tax and litigation specialists.

Singapore Our practice advises on shipping finance, project development and litigation in Singapore and English law.

Rome We have a small but successful Italian law shipping and shipping finance team in Rome.

New York Founded in 1990 with shipping expertise in finance, corporate, litigation and tax, covering New York and US Federal law.

Piraeus We opened in Piraeus in 1984 and provide English and Greek law advice on shipping and energy matters.

Madrid Madrid started in November 2009 and has a growing Spanish law corporate and finance capability.

Hamburg We have over 45 lawyers in Hamburg providing German and English law advice covering shipping, tax, finance and corporate.

Paris Our Paris office provide French law and English law advice to financial institutions, owners and operators in the shipping sector.

Bangkok We offer a full range of Thai and English law services, including experience in shipping.

Hong Kong Our shipping practice in Hong Kong provides English and Hong Kong law advice to owners, financiers and charterers.